Ruston, La.-based Origin Bancorp Inc. and Dallas-based NexBank SSB on Oct. 5 entered into a loan agreement under which NexBank will make one or more revolving credit loans of up to $50 million at any time to Origin Bancorp.
The principal amounts borrowed under the agreement will bear interest at a variable rate equal to the applicable one-month LIBOR rate plus 3.25%.
The loans will be used by Origin Bancorp for working capital and general corporate purposes.
The line of credit available to Origin Bancorp under the agreement expires Oct. 5, 2021, or such date of the acceleration of the obligation pursuant to the agreement, at which time all amounts borrowed, along with applicable interest, fees, and other amounts owed by Origin Bancorp shall be due and payable.
In addition, Origin Bancorp, in connection with the agreement, issued a $50 million revolving promissory note to NexBank.